Contracts of guarantee, Business Law and Ethics

Contracts of Guarantee

There the Law of Contract Act, 1961, S.3 (1) provides as follow:

Actually "No suit shall be brought whereby to charge the defendant upon any type of special promise to answer to the debt, default or miscarriage of another person unless the agreement upon that such suit is brought then or some memorandum or note thereof, is in writing and signed through the party to be charged therewith, or about other persons thereunto through him lawfully authorized."

Contracts for the Sale of an Interest in Land:

Well 'The Law of Contract (Amendment) Act, 1968', provides: as;;

However "No suit shall be brought upon a contract to the disposition of an interest in land unless the agreement on that the suit is founded, or some memorandum or note thereof is in writing and is signed through the party to be charged or through some person authorised through him to sign it. Such provided a suit shall not be prevented through reason only to the absence of writing, whether an intending purchase or lessee who has performed or is willing for perform his part of a contract-as;

First has in part performance of the contract taken possession to the property or any part thereof;

Second being already in possession, continues in possession in part performance to the contract and has done some other act in furtherance for the contract.